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Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
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The high yield market has found its first issuer after the summer. Continental, the German tyre maker, sold a €750m unsecured seven year bond on Monday. It launched the deal with a view to sell a minimum €500m bond. -
Volkswagen underscored the strength of appetite for corporate credit by taking the bond market by complete surprise on Thursday when it issued the first hybrid deal from a carmaker since the credit crisis. Incredibly, VW got the €2bn two-tranche perpetual away in a single day’s offering — more smash and grab than drive-by. After attracting a €4.5bn torrent of orders the company was even able to increase and tighten the deal and still see it trade up, writes Stefanie Linhardt.
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Luxembourg-based BGP Investment is said to be closing a new €386m privately placed German multifamily commercial mortgage securitization, which refinances Quokka Finance Plc, a legacy €617.5m CMBS from 2006 that matured earlier this month.
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Western European syndicated loans
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BSN Medical, the German bandage maker, allocated the refinancing of its euro and dollar term loan 'Bs' late last week. The issuer achieved margins 75bp-100bp tighter than original guidance after attracting investor interest despite a quiet August in the leveraged loan market.
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Numéricable, the French cable operator, has entered discussions with investors about a potential takeover of its sister company Completel. The documentation amendments, which leads presented in a conference call on Wednesday evening, are part of Numéricable’s broader preparation for an initial public offering.
